Charlie Javice, who has been accused of defrauding JPMorgan Chase into buying her now-shuttered college financial aid company Frank, has been indicted over her relationship with the bank.
A four-count indictment made public on Thursday in Manhattan federal court charges Javice with securities fraud, wire fraud, bank fraud and conspiracy.
Javice had been arrested on a criminal complaint on April 3, and charged with duping the largest US bank into buying Frank for $175 million in 2021.
Prosecutors said Javice repeatedly lied about her company to JPMorgan, including by claiming Frank had lined up 4.25 million student customers though the number was closer to 300,000.
The indictment was filed 15 days after prosecutors said they and defense lawyers were in talks “regarding a possible disposition of this case,” language that sometimes foreshadows a guilty plea.
In connection with that, prosecutors were granted more time to obtain an indictment against Javice from a grand jury.
Neither the US Attorney’s office in Manhattan nor Javice’s lawyers immediately responded to requests for comment.
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